Millennials ready to jump into housing

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While Millennials can be seen as frivolous, new research has shown this generation is indeed savvy around money with 54% of young Australians saying they would buy a house or pay off their mortgage if they had an extra $100,000 in the bank.

These results come from a new survey of 1,000 Australians by Galaxy and commissioned by Subway which found Millennials were less likely to spend this extra cash on holidays or quit their jobs than they were to get into real estate.

“I think this strong focus on financial security from Millennials is linked to our economy and the current situation with the housing market,” Ben Miles, Subway’s PR & communications manager for Australia, New Zealand and Asia, told Australian Broker.

“The research shows that young people would jump at the opportunity to get into property if they had an extra $100k, which is a comment on housing affordability.”

Miles said it was surprising to see the generational differences when it came to purchasing a home versus other options such as travel or education.

“It really shows that if Millennials had that extra $100k, they would be the most sensible and invest in the property market.”

For baby boomers, only 31% of those surveyed would pay off their mortgage if they had an additional $100,000 available.